Bitcoin Cash Price Prediction: BCH/USD Drops to $597 Support

Bitcoin Cash Price Prediction – October 10

The Bitcoin Cash falls toward the moving averages as the selling pressure may take over the market.

BCH/USD Market

Key Levels:

Resistance levels: $700, $720, $740

Support levels: $500, $480, $460

Bitcoin Cash Price Prediction
BCHUSD – Daily Chart

BCH/USD is looking to slow down and may settle around the $550 support level. However, the market price breaks down today, touching its lowest daily level at $596. In addition, the current performance of the Bitcoin Cash is below the normal expectations as the coin may soon recover from this downtrend.

Bitcoin Cash Price Prediction: What Could be the Next Direction for Bitcoin Cash?

If the Bitcoin Cash price fails to keep the price above the 9-day and 21-day moving averages, there is a risk for a fresh bearish wave. However, if the coin drops below the 9-day moving averages, the initial support may be located below the 21-day moving average at $550 level where the market price could restart its decline.

As the technical indicator Relative Strength Index (14) reveals the possible downtrend, any bearish crossing below 50-level could lead to the critical supports at $500, $480, and $460. Nevertheless, a high swing towards the upper boundary of the channel could take the bulls to a key resistance level of $650. If this possible, the coin may trigger a bullish rally which could take the market price to $700, $720, and $740 resistance levels.

When compares with Bitcoin, the daily chart reveals that the sellers continue to show some commitment to the market movement. However, following the recent negative signs, the trend may continue to go down if the bears keep on putting more pressure on the market.

BCHBTC – Daily Chart

However, as the technical indicator Relative Strength Index (14) may move into the oversold region, if the buyers failed to hold the support of 1075 SAT, the market price may focus on the downtrend and crossing below the lower boundary of the channel may take it to the nearest support at 1000 SAT and below but a rebound could take the price above the moving averages, moving towards the upper boundary of the channel could locate the resistance at 1200 SAT and above.

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